Filing Flows › Simon Property Group (SPG) › Q3 2025
Simon Property Group (SPG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Simon Property Group (SPG) reported revenue of $1.6B for the third quarter 2025 (Q3 2025), +8% from a year earlier and +7% from the quarter before. Operating margin was 50.8%, net earnings $606M (37.8% of revenue).
Simon Property Group, Q3 2025: revenue $1.6B (+8% year over year), operating margin 50.8%, net earnings $606M, operating cash flow $890M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.6B | +7% | +8% |
| Operating profit | $813M | +9% | +6% |
| Net earnings | $606M | +9% | +28% |
| Operating cash flow | $890M | -27% | -0.3% |
| Free cash flow | $685M | -29% | -3% |
What changed
Revenue was $1.6B in Q3 2025, up 8% year over year and up 7% from the previous quarter.
Operating profit was $0.81B, a 50.8% margin (down 1.1 points year over year). Of the extra revenue versus a year earlier, 37% reached operating profit, below the 52% margin then. Total costs grew 11% against revenue growth of 8%. The fastest-growing cost line was General & admin (+75%). Net earnings were $0.61B, up 28% year over year. The effective tax rate was 0.0%.
Operating cash flow was $0.89B (roughly flat year over year), 127% of net income including minority interests. Non-cash charges added back $0.34B of depreciation and amortization. Working capital and other items used $0.15B. Capital expenditures of $0.21B left free cash flow of $0.69B.
Questions
What was Simon Property Group's revenue in the third quarter 2025?
Simon Property Group (SPG) reported revenue of $1.6B for the third quarter 2025 (Q3 2025), +8% from a year earlier and +7% from the quarter before.
Was Simon Property Group profitable in the third quarter 2025?
Operating profit was $813M (50.8% of revenue) and net earnings $606M.